NEW DELHI, May 17: The Foreign Investment Promotion Board (FIPB) today approved 39 proposals, including pleas by Siemens Singapore and SHV Energy of Britain to acquire the entire shareholding of their respective joint Indian venture partners, which amounted to foreign direct investment inflow of Rs 130 crore.Meanwhile, IFC Washington has also been given the nod to hike stake in moser baer from 46.3 per cent to 49.5 per cent by bringing in Rs 3.75 crore. The company is engaged in the business of manufacturing optical media recordible.Thirteen proposals were approved by the board today in the electronics and computer software sector which included applications from Icode Software, Arden Software, Smart Data Enterprises, Apex, Lanco Global Systems, Saffrent Software, In Touch Technologies Limited and Trigent Software. Business Integration Systems India Private Limited has been allowed to infuse Rs 86 lakh in its existing venture to hike stake from 51 per cent to 74 per cent. Besides, Sierra Optima has beenallowed to hike its stake in the Indian venture from 4.5 per cent to 25 per cent by infusing Rs 3 crore.Adani Wilmar Limited has been allowed to pick up 50 per cent stake in a joint venture for solvent extraction of oilseeds. In the financial services sector, Templeton Asset Management India Private Limited has been allowed to float redeemable non-cumulative preference shares worth Rs 11 crore in its existing venture.Indo-Global Spices Limited has been allowed to increase equity in its oleo-resins manufacturing venture from 10.5 per cent to 17.5 per cent while Heinen and Hopman Engineering of Holland has got the nod to set up a 100 per cent subsidiary by bringing in Rs 30 lakh for providing consultancy and design services.The Singapore-based Ermenegildo Segna Fareast Limited has been given the green signal for setting up a 100 per cent subsidiary and invest in other downstream companies in the textiles sector. The company would be investing Rs 3.65 crore to set up two ventures - an export orientedunit for manufacturing shirts and another venture for marketing these shirts.In the tourism sector, Mauritius-based Moonlight Bay Resorts has been allowed to bring in Rs 42 lakh to pick up 51 per cent stake in a venture which will operate and manage resorts and hotels in India and abroad. The Indian partner in the venture is Prashant Tiwari. The company would be setting up ten resorts across the country beginning with one each in Delhi and Bangalore.Meanwhile, the board also permitted Clancey Holdings Limited of Britain to set up a joint venture for manufacturing components like cam shaft tapets and valve train components. The company would pick up 51 per cent stake in the venture.Berger Maini Precision Products Limited has also been allowed to set up a joint venture with 49 per cent foreign equity for manufacturing automobile components. However, the board deferred decisions on Denso Kirloskar and JT Mobile.
